Jamaican trailblazer in US mortgage industry, John D. Chang, dies at 84

Jamaican-born financial pioneer John D. Chang, known for his impactful work in the U.S. mortgage industry and dedication to uplifting Caribbean immigrants, passed away on March 3, 2025, in Kissimmee, Florida. He was 84.

Born in Jamaica on October 21, 1940, Chang began his career in the 1960s with First National City Bank. His career took him from the international division to the Citibank headquarters in Manhattan in 1974, where he rose to the role of Assistant Vice President in the Comptroller’s Office. During his tenure, he helped develop bank branches in Australia, Asia, South America, and Puerto Rico.

In 1978, he declined a London transfer and instead moved to Florida to forge his own path. He founded Preferred Financial Services and Preferred Mortgage Corporation in 1982. His mission was clear: to promote financial literacy and homeownership among Caribbean immigrants and underserved communities. His company would become one of the first minority-owned businesses to earn a coveted “Mini-Eagle” designation, allowing it to directly insure FHA mortgage loans.

Beyond business, Chang was widely regarded as a mentor and visionary. He believed in the economic empowerment of immigrants and supported minority-owned businesses, often urging others to invest in their growth—even if their products or services weren’t perfect. “How can we expect them to get better if we don’t give them a chance?” he would say.